As of 2023, the United States has the highest number of millionaires in the world, with an estimated 25.58 million individuals with a net worth exceeding one million U.S. dollars. This represents approximately 9.7% of the adult population in the United States. The term "millionaire" typically refers to an individual's net worth, rather than a family's combined net worth. The number of millionaires in the U.S. has been steadily increasing, with a significant surge in 2021, driven largely by stock market investments and economic recovery. The growth in the number of millionaires has been particularly pronounced in North America, with the U.S. accounting for the largest share of this population. Possessing a net worth—the value of all of your holdings minus your liabilities—of $1 million will not automatically place you in the gilded top 1%. To enter this high-end club, you must have a minimum net worth of around $11.1 million. New Jersey boasts the highest rate of millionaires, with nearly 10% of households having a net worth of $1 million or above. This means that almost 250,000 New Jerseyians are millionaires. The majority of millionaires are self-made, and they have accumulated their wealth through a combination of hard work, education and investing. The sectors that produce America’s wealthiest people include finance and investments, according to Forbes. The stock market was on a bull run for several years, which helped millionaires increase their wealth. A surge in entrepreneurship, including building tech startups, helped mint new millionaires. More people are getting college degrees, which is leading to higher-paying jobs and more opportunities for wealth accumulation. Real estate value has also been rising in recent years, which has helped millionaires bring in more money. Real estate is about 40% of a typical millionaire’s net worth. Additionally, according to data analysis by Zippia, 80% of surveyed millionaires grew up in families at or below middle-income levels. Two percent inherited their wealth from their families. As of 2023, the net worth required to be in the top 1% in the United States varies based on different sources. According to the Charles Schwab Modern Wealth Survey, an individual needs a net worth of $2.2 million to be considered wealthy in 20232. Around 39.1% of all millionaires live in the United States. - Jack Kelly, TC 500k+
“Additionally, according to data analysis by Zippia, 80% of surveyed millionaires grew up in families at or below middle-income levels” Interesting. I wonder what they are counting as “middle income levels”. The skyrocketing value of land on the west coast has got to play a huge role in this. I know for me, that’s absolutely it. Even as 40% of my net value. Also I have two kids heading into college so bye-bye millionaire status in a couple years, UGH. :(
Make your kids feel like they’re coming out from middle class by putting them on debt and then watch yourself maintain that millionaire status and kids become a millionaire too 🥸
Your username would be so cool if “sapien” were spelled correctly.
It’s extremely hard to not become a millionaire if you are in tech for 20 years
Tech Industry
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15 years age difference, need advice! 🙏
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Blind is an antisemitic cesspool
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Programmers are the smartest people in the world
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What should I do next?
World Conflicts
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Israel prevents Palestinians from gathering rainwater? Seems wrong on so many levels to me
You asked the question and you answered it. Hurray!